Recently-published UK government proposals to tighten up insolvency laws and address the business practice of phoenixing have put a fresh spotlight on a notoriously tricky area of financial regulation.
Under the plans, company directors who dissolve their business to circumvent obligations such as staff payments and pension commitments could face substantial fines.
The legislative backdrop to this issue has repeatedly changed over the past 20 years as stakeholders ranging from HMRC and other government departments to private pension schemes have sought to protect their interests.
Amid these changes, the issues of what should be done to safeguard creditors and to deal with directors who act recklessly have been the focu…
Read the full article at: https://sbnn.co.uk/2018/09/12/michael-reid-is-personal-liability-the-way-to-tighten-insolvency-issues/
